Poland GDP


Poland: Economic activity accelerates in 2014

January 27, 2015

According to preliminary estimates released by the Central Statistical Office of Poland (GUS), GDP grew 3.3% in annual terms in the full year 2014. The result was in line with market expectations and came in well above the 1.7% expansion recorded in 2013.

The acceleration was mainly driven by a strong expansion in fixed investment, which grew 11.6% in annual terms in 2014 (2013: -3.7% year-on-year). Private consumption expanded 3.0%, which was above the 1.1% increase tallied in 2013, but not strong enough to boost GDP growth. Overall, domestic demand rose 4.6%, marking a notable improvement compared to the mild 0.2% increase recorded in 2013.

More detailed data, including external accounts contribution to growth, will be published on 27 February.

The Central Bank expects GDP to expand between 2.0% and 3.7% in 2015. FocusEconomics Consensus Forecast panelists expect that the economy will expand 3.1% in 2015, which is unchanged from last month’s forecast. For 2016, panelists foresee the economy growing 3.2%.

Author:, Economist

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